Orchid closes fifth China fund at $650m

The fund, Orchid Asia V, LP, officially launched in July 2010 and received commitments of $327 million on its first closing in January. In all, 60 investors have come on board, including pension funds from the US, Europe and Australia, insurance companies, family offices and global fund-of-funds.

The Pennsylvania Public Schools Employees' Retirement System said in June that it would contribute $50 million to Orchid's fifth fund as part of a $220 million private equity commitment.

Orchid, which now has $1.4 billion in assets under management, has invested in 45 companies through its previous four growth capital funds and exited or partially exited 22 of them. It claims to have between eight and 11 IPOs and trade sales in the pipeline for the next 6-12 months.

Late last month, Orchid-backed menswear producer and retailer China Outfitters postponed its $299 million Hong Kong IPO due to market volatility.

"China is still on top of many LPs' radar, but it's still a very tough fund raising market out there," said Trevor Chan, director of marketing for Orchid. "The fact that we're able to close in a year is a testament to the team, prior track records, and our discipline approach."

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• Topics
• Greater China
• Mezzanine
• Fundraising
• Orchid Asia Group Management